Why are some customers more successful in getting and retaining customers than others?
This is simply because these companies understand the buying behavior of their buyers. Selling a product is not only about promoting the product. It is about getting inside the mind of the customer. Even for experienced companies, understanding customer psychology is a long and time-consuming process. Is customer psychology a complicated area for the selling company to explore? This completely depends on the product that the company is selling. For some products, understanding customer psychology is not a tough nut to crack.
Hacking Customer Decision-Making
When you talk about hacking the customer decision-making process or getting control over it, there are various tips which you can use. For instance, the selling company should focus on the price at which the product will be sold. Most customers change their product preferences and even sacrifice on the quality factor when the price is low. Even high standard companies reduce their rates by big margins to capture the mind of the buyer. The customer decision-making process does depend on the financial status of the customer as well. Customers who do not have any problems related to the budget pay more attention to the quality and not to the price. Product selling companies do keep this factor when they are capturing the customer decision-making process. They have a clear idea that lowering the prices of some products would help in capturing customers who are brand loyal to other brands.
When you talk about the buying behavior of customers, it is something that cannot be predicted for a long time span. These days, product selling companies’ offer packaged benefits to get clients. For instance, a pack of shirts may be sold with a pair of jeans at a discounted price. Companies introduce these bundled offers so that they can get capture the buying behavior of customers on a permanent scale. As it is mentioned above, the buying behavior of customer depends on his financial standing. It is human psychology that high earning professionals consider expensive products even they do not need them. This is exactly what product selling companies do to develop their strategy. The clientele and list of targeted customers designed by most companies are categorized according to the monetary standing of the client. The product pitching process is also designed according to how much a customer earns. It is not that hard to target customers who have high salaries because they rarely adopt a cost-effective buying strategy. Such customers have a brand conscious approach and this is an important part of their psychology.